Sales remain stronger than pre-covid levels

City of Calgary, Nov. 1, 2022 – October sales eased compared to last year’s levels, mostly due to slower activity in the detached sector.

However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only two months to go, 2022 will likely post a record year in terms of sales.

“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,” said CREB® Chief Economist Ann-Marie Lurie. “While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.”

New listings also trended down this month causing the sales-to-new-listings ratio to rise to 85 per cent and inventories to trend down. Much of the inventory decline has been driven by product priced below $500,000.

While conditions are not a tight as what was seen earlier in the year, with only two months of supply, conditions remain tighter than historical levels. We are also seeing divergent trends in the market with conditions continuing to favour the seller in the lower-price ranges and shifting to more balanced conditions in the upper-price ranges.

As of October, prices have eased by four per cent relative to the highs reached in May. This is considered a relatively small adjustment when considering price movements in other large cities. It is also important to note that the October benchmark price is still nearly 10 per cent higher than levels reported last year.

 

 

ABOUT CREB:

CREB® is a professional body of more than 5,100 licensed brokers and registered associates, representing 245  member offices. CREB® is dedicated to enhancing the value,  integrity and expertise of its REALTOR® members. Our REALTORS® are committed to a high standard of professional conduct, ongoing education, and a strict Code  of Ethics and standards of business practice.

For Calgary Metro, CREB® statistics include only Zone A, B, C and D for properties located in Calgary.  Furthermore, all historical data has been  adjusted to the most current information.

Any  use or reference to CREB® data  and statistics must acknowledge CREB® as the source. The board does  not generate statistics or analysis of any individual member or company’s market share. All MLS® active listings for Calgary and area may  be found on the board’s website at www.creb.com.

CREB® is a registered trademark of the Calgary Real Estate Board Cooperative. The trademarks MLS® and Multiple Listing Service® are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR® and REALTORS® are controlled by CREA and identify real estate professionals who are members of CREA, and subsequently the Alberta Real Estate Association and CREB®, used  under licence.

Source: www.creb.com

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The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board.

MLS®, Multiple Listing Service®, and the associated logos are all registered certification marks owned by CREA and are used to identify real estate services provided by brokers and salespersons who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.